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STAY UP-TO-DATE WITH BREAKING TAX AND INVESTMENT NEWS.
A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
September 2024 Poll
“Are you concerned about taxpayer rights now that the Federal Government has proposed to expand CRA powers to requests for oaths and affidavits at audit and a new Notice for Non-Compliance with significant penalties attached? Tell us why or why not!”
Register Now to Celebrate at the 2024 Acuity Conference in Montreal!
Are you ready to celebrate and network with the best thought leadership in the tax and financial services at the 2024 Acuity Conference for Distinguished Advisors? Don’t miss the final opportunity for early-bird savings and reserve your spot by September 15, your tuition includes the Wine and Cheese Meet & Greet (exclusively for KB Designates), the Opening Reception and Knowledge Bureau Awards Dinner on Sunday, November 10. Then on November 11, you’re invited to join us the beautiful Rialto Theatre for the Acuity Gala for Distinguished Advisors. Details below:
Funding Education Through the Tax System
Special Back to School Tax Tips Issue: It’s Back to School and that means it’s time to think about how the tax system works to help support parents, students and employers. In this Special Knowledge Bureau Report, refresh your memory on the tax deductible do’s and don’ts when it comes to funding education through the tax system. There are two common ways to do so from investment accounts that may have been set up for these purposes. First there are the Education Assistance Payments available from the Registered Education Savings Plan (RESP). You may also consider the Lifelong Learning Plan under the RRSP withdrawal rules. Here’s what to know:
Claiming The Tuition Fee Amount & Canada Training Credit
Most people know that the tax system allows for a non-refundable tax credit on the T1 known as the Tuition Fee Amount. But, you need to have taxes payable for it to work to your advantage. If you don’t the claim may be transferred from the student to the supporting individual – a parent, a spouse or a grandparent. But there is a maximum limited: only $5000 can be transferred and unfortunately this amount is not indexed to inflation. It’s a tax reform change that is long overdue as the cost of education has increased over the years.
Canada Emergency Student Benefit (CESB)
This fall, more students may be stressed by debt and one of the reasons why is the repayment of the CESB. In 2020, students could qualify for the Canada Emergency Student Benefit of $1,250 for a 4 week period for a maximum of 16 weeks. An extra $750 for a total of $2000 per month was available if the applicant had a disability or dependants. But now there is a cash flow problem for some students:
New 30 Year-Mortgage Amortizations: Planning Required, Financial Pros Say
Effective August 1, new 30-year mortgage amortizations are available for first-time home buyers purchasing newly built homes. For our August poll we asked tax and financial professionals if this is an option they’d recommend to their clients, and there was an interesting mix of votes, 66% said “no”, but 34% said they would – their comments provide great insight for homeowners who may be eligible for this program.
